Northbaze Group (NBZ) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 reached 101.1 MSEK, up from 35.4 MSEK in Q4 2023; full-year revenue was 231.3 MSEK, up from 117.6 MSEK year-over-year.

• EBITDA for Q4 improved to 3.4 MSEK from -2.7 MSEK; full-year EBITDA was 12.7 MSEK, up from 3.3 MSEK.

• Net result for Q4 was -5.7 MSEK, an improvement from -14.7 MSEK; full-year net result was -9.9 MSEK, up from -31.2 MSEK.

• Enter Sales & Distribution AB and Lowwi AB were fully integrated, contributing to sales growth and operational synergies.

• CEO Henrik Andersson announced his intention to step down after 7.5 years.

Financial highlights

• Gross margin in Q4 dropped to 19% from 35% year-over-year; full-year gross margin was 33% vs. 49% prior year.

• Cash flow from operations in Q4 improved to 21.9 MSEK from -4.9 MSEK, mainly due to increased sales and seasonal effects.

• Equity ratio at year-end was 38%, up from 37% a year earlier.

• Cash and cash equivalents at year-end were 36.4 MSEK, up from 11.0 MSEK.

• Number of shares at year-end: 244,345,834 (before dilution).

Outlook and guidance

• Cost-saving program initiated in Q4, expected to reduce costs by ~7 MSEK on a rolling 12-month basis, with full effect in H2 2025.

• Adiantes expects a challenging Q1 2025 but remains optimistic for the full year, focusing on new projects and luxury partnerships.

• No detailed forecasts will be provided; focus remains on long-term targets: 20% annual growth, 10% EBITDA margin, and >30% equity ratio.